Hut 8 NASDAQ:HUT rose 15.10% premarket after signing a second 15-year lease worth $9.8 billion for 352 megawatts of IT capacity at its Beacon Point data center campus in Nueces County, Texas. The energy infrastructure company, which builds and leases power-intensive computing sites, said the tenant is the same high-investment-grade counterparty that signed the Phase 1 lease and has now doubled its contracted capacity there to 704 MW.
The deal fully commercializes the 1,000 MW campus, taking its base-term contract value to $19.6 billion. Across Hut 8's portfolio, contracted IT capacity now stands at 949 MW with a cumulative base-term value of $26.6 billion, and the company said all of it is leased to or backstopped by investment-grade counterparties. Hut 8 expects average annual net operating income above $1.75 billion across the contracted portfolio.
The Phase 2 facility will be built to Nvidia's NASDAQ:NVDA DSX reference architecture, the same redesign Hut 8 said let it fit 57% more IT capacity into Phase 1's existing land and power footprint. Site preparation is underway, with initial energization on schedule for the first quarter of 2027 and the first Phase 2 data hall expected in the second quarter of 2028. Three five-year renewal options per lease could lift campus contract value to $50.2 billion if all are exercised.